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INDEX NUMBER · Gujarat Board (GSEB) STD 12 Commerce (GSEB - English Medium). 22 questions.

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22 questions · timed · auto-graded

MCQ 11 Mark
If the cost of living index number for the people of a class is $200$ for the year $2016$ with respect to the year $2015,$ which of the following statements is true $?$
  • A
    There is an average $200$ percent rise in the current year prices of the items consume by that class
  • B
    There is an average $100$ percent decrease in the current year prices of the items consumed by that class
  • ✓
    Purchasing power of money is $Rs. 0.5.$
  • D
    The current year prices of the items consumed by that class are stable.
Answer
Correct option: C.
Purchasing power of money is $Rs. 0.5.$
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MCQ 21 Mark
If the purchasing power of money is $0.75$ in the year $2016$ with respect to the base year $2015,$ then what will be the price index number for the year $2016 ?$
  • A
    $750$
  • B
    $175$
  • ✓
    $133.33$
  • D
    $275$
Answer
Correct option: C.
$133.33$
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MCQ 31 Mark
The price of an item increased by $4.5$ times in the current year as compared to the last year. What will be the price index number $?$
  • A
    $45$
  • B
    $450$
  • ✓
    $550$
  • D
    $350$
Answer
Correct option: C.
$550$
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MCQ 41 Mark
Which index number given an idea of standard of living of people ?
  • A
    Index number of total expenditure
  • B
    Index number of national income
  • C
    Index number of per capita income
  • ✓
    Cost of living index number
Answer
Correct option: D.
Cost of living index number
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MCQ 51 Mark
Which average is considered as the best average in construction of the index number ?
  • ✓
    Harmonic mean
  • B
    Arithmetic mean
  • C
    Weighted mean
  • D
    Geometric mean
Answer
Correct option: A.
Harmonic mean
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MCQ 61 Mark
Which expenditure of items is assigned as weights in the method of family budget ?
  • A
    Expenditure of selected year
  • B
    Average annual expenditure
  • ✓
    Expenditure of base year
  • D
    Expenditure of current year
Answer
Correct option: C.
Expenditure of base year
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MCQ 71 Mark
Which prices are considered in the construction of the cost of living index number ?
  • A
    Market price
  • B
    Wholesale price
  • C
    Average Price
  • ✓
    Retail price
Answer
Correct option: D.
Retail price
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MCQ 81 Mark
Which consumption is used in the calculation of Laspeyre's index number ?
  • ✓
    Consumption of base year
  • B
    Consumption of current year
  • C
    Consumption of average year
  • D
    Consumption of any year
Answer
Correct option: A.
Consumption of base year
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MCQ 91 Mark
What weight is assigned as expenditure to the price relatives $\frac{p_1}{p_0}$ of the items to obtain the formula for Paasche’s index number ?
  • A
    $p _0$$q _0$
  • B
    $p _1$$q _1$
  • ✓
    $p _0$$q _1$
  • D
    $p_1$$q_0$
Answer
Correct option: C.
$p _0$$q _1$
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MCQ 101 Mark
If the average disposable income of families of a class is $Rs. 20,000$ in the year $2013$ as if the cost of living index number of that class for the year $2015$ with the base year $2013$ is $130,$ what should be the average disposable income of the families of this class in the year $2015 ?$
  • ✓
    $Rs. 26,000$
  • B
    $Rs. 20,130$
  • C
    $Rs. 20,000$
  • D
    $Rs. 14,000$
Answer
Correct option: A.
$Rs. 26,000$
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MCQ 111 Mark
If $I_p=I_F$, which of the following statements is true ?
  • A
    $I_p=2 I_L$
  • B
    $I _{ F }=\frac{ I _{ L }}{2}$
  • ✓
    $I_F=I_P=I_L$
  • D
    $4 I_F=I_L$
Answer
Correct option: C.
$I_F=I_P=I_L$
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MCQ 121 Mark
Which method is useful to compare the long term variations in the values of the variable ?
  • A
    Chain base method
  • B
    Laspeyre’s method
  • ✓
    Fixed base method
  • D
    Paasche’s method
Answer
Correct option: C.
Fixed base method
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MCQ 131 Mark
Which kind of the correlation exists if the following scatter diagram is of two variables $X$ and $Y ?$
  • A
     Perfect Positive correlation
  • B
    Partial Positive correlation
  • C
    Perfect Negative correlation               
  • ✓
    Partial Negative correlation
Answer
Correct option: D.
Partial Negative correlation
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MCQ 141 Mark
Which index number helps us to know the effect of tax levied on a commodity to the different class of people in the standard of living ?
  • A
    Fixed base index number
  • ✓
    Cost of living index number
  • C
    Chain Base index number
  • D
    Total expenditure index number
Answer
Correct option: B.
Cost of living index number
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MCQ 151 Mark
Which index number gives the accurate picture of economic condition of a particular class of people in society for which it is fromed ?
  • A
    Wholesale price index number
  • ✓
    Cost of living index number
  • C
    Index number of national income
  • D
    Index number of human development
Answer
Correct option: B.
Cost of living index number
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MCQ 161 Mark
Which equation shows the relation between Laspeyre’s Paasche’s and Fisher’s index number?
  • A
    $I _{ F }= I _{ L }{ }^{\times} I _{ P }$
  • ✓
    $I _{ F }=\sqrt{ I _{ L } \times I _{ P }}$
  • C
    $I _{ F }=\sqrt{ I _{ L } \times I _{ p }}$
  • D
    $I _{ F }=\sqrt{ I _{ L } \times I _{ p } \times 100}$
Answer
Correct option: B.
$I _{ F }=\sqrt{ I _{ L } \times I _{ P }}$
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MCQ 171 Mark
Quantity of which year is taken to obtain the total expenditure in Paasche’s formula ?
  • A
    Base year
  • B
    Average year
  • ✓
    Current year
  • D
    Any year
Answer
Correct option: C.
Current year
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MCQ 181 Mark
if the average increase in $25\%$ in price and $30 \%$ in wages then what is the actual percentage increase in wages?
  • A
    $10$
  • B
    $3.84$
  • C
    $20$
  • ✓
    $0.04$
Answer
Correct option: D.
$0.04$
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MCQ 191 Mark
Which of the following is the formula for Paasche’s index number?
  • ✓
    $IP = \frac{\sum p_{1} q_{1}}{\sum p_{0} q_{1}}$
  • B
    $IP = \frac{\sum p_{0} q_{1}}{\sum p_{1} q_{1}}$
  • C
    $IP =  \frac{\sum p_{1} q_{1}}{\sum p_{0} q_{0}}$
  • D
    $IP = \frac{\sum p_{0} q_{0}}{\sum p_{1} q_{1}}$
Answer
Correct option: A.
$IP = \frac{\sum p_{1} q_{1}}{\sum p_{0} q_{1}}$
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MCQ 201 Mark
Which index number is equal to the index number obtained by family budget method ?
  • ✓
    Laspeyre’s Index number
  • B
    Fisher's index number
  • C
    Paasche's Index number
  • D
    Marshall index number
Answer
Correct option: A.
Laspeyre’s Index number
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MCQ 211 Mark
 If the index number of production of a commodity is $300$ for the year $2016$ in relative to the base year then what is the percentage increase in production in year $2015$ compared to the production in base year$?$
  • ✓
    $2\%$
  • B
    $1/3\%$
  • C
    $0.03\%$
  • D
    $0.3\%$
Answer
Correct option: A.
$2\%$
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MCQ 221 Mark
If the purchase power of money is 0.75 in the year 2024 with respect to the base year 2023 then what will be the price index number for the year 2024 ?
  • A
    750
  • B
    175
  • ✓
    133.33
  • D
    275
Answer
Correct option: C.
133.33
C
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